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Still say it's both a wedding (for BCN and Ganfeng) and a funeral (for the wishes of those who were riding them like horses), so the 30-person limit should not apply.
we can all go now dee… https://www.lse.co.uk/rns/BCN/agm-update-and-remote-access-i51ns46iq8upao8.html …
Puzzletree, whoosh, straight over your head.....lol.
Hintza, you must be very naïve if that is what you think. lse's daily Market Report emails highlights many. Or maybe you are just so blinkered that all your pounds, shillings and pence are in BCN. I guess that is the case with many campaign members here.
@tomcat
If you feel we're missing a step, feel free to say - We're always open to better ideas.
I know there's a few who want to do something regarding the AGM, so do keeping touch!
@puzzletree "There are so many other opportunities to make 10-20% between now and the end of the month. I backed three last week. "
Only in your dreams.
ok… no worries dee… i’ll do my own little protest vote then… and use the time we have to swat up a bit on the code… ;)
the valuation report should be interesting… what they do and don’t include for the jv areas…
@Bonkers - I fully agree it's a long shot, but we have a few more tricks up our sleeve to still pull out. That being said, whether we have a 0.01% or a 99.9% chance of success, we still have nothing to lose, and everything to gain.
@tomcat - Considering the nature of the conversation we had, there's not much point in us expending energy on the AGM. I'm wary about fatigue, and pacing ourselves (particularly the energy of the larger group of shareholders) to ensure we don't run out of steam. The question remains, besides voicing our opinion against this (which we have done), what is there to be achieved? We can easy mobilise everyone against the offer, but I'd rather not mentally tire people by targeting the AGM. That being said, having a couple of the members attend wouldn't be a bad idea - Solely for the purpose of keeping tabs.
@jam2morrow - It's still difficult to get a response out of a lot of them. We feel Janus Henderson and the other who bought in after February will be more likely to sell, but we're still awaiting feedback from M&G and Hanwa. The shareholders' registry will give us a good opportunity next week - Particularly with those who don't read boards etc.
I fully concur, that the mere fact that they were willing to speak to us shows that we have a chance (albeit a slim one) to scupper this deal.
Personally, I always felt we had a chance from the moment my inbox was being flooded with like minded individuals. Look at the messages from two weeks ago, and look where we are now. Nobody thought we could get this far. But we're going to go even further.
Phases 2 and 3 of the email campaign are nearly ready, our full presentation is nearly ready, and we're making serious in-roads with certain places of influence.
We're also going to start a share-buying campaign. The more we own, the better.
We have a special podcast coming out, new media contacts are being forged, and the emails just keep coming in. Everyone who emailed from Tuesday onwards, only received a reply from me last night.
This has become more than an LSE Board campaign, it's a campaign for everyone who has invested in this.
And I still urge you all to email: saveBCN@protonmail.com
Small shareholder or large, it DOES make a difference. We've seen this already.
I disagree, Bonkers0801, and clearly many shareholders disagree with you too, going by the sells yesterday. There are so many other opportunities to make 10-20% between now and the end of the month. I backed three last week. I reiterate that selling up here and buying back cheaper before the end of the month is the best strategy. Just my opinion but clearly shared by many.
Second that also.
Second everything that you say Bonkers
The very fact you got a meeting with secker and peel hut shows you have not only got thier attention but enough to grant a meeting So a very small victory thier.
This will be intresting to see how this all plays out from here, my gut feeling still says I'm going to have to sell for 67.5p a share which is woeful.
However my message to anyone contemplating selling up, surley its worth seeing how this campaign unfolds, worse case scenario you get approx 8p per share rise for sticking around.
Well done dee and the team I take my hat of to you all
Darcey
Pleased to hear you are supporting Dees remarkable effort.
Sounds like you have a variation of my problem - I have to have a round number (depending on SP). So nearly everything I hold is 10,000, 2,500 etc etc. Yet I am not OCD in anything else. Funny old world isn't it?
All the best to all the (pro) BCN posters here.
Hi Holding 88,888 No to sale.....
GANGFENG are asking for an investment of $630 And a wad of Brown envelopes.
Jarthur it's SaveBCN@protonmail.com
Other messages, I'll try replying when I'm free!
Whats the email address again Dee?
I'll get mine sent over. Just share count and stating a 'no' vote is whats needed is it?
Thanks
Dee - again great work point 2 being key for me - the language used in the RNS and the attitude of the board. The more you look at this the more ridiculous it looks especially given your comment on the the net cash position !!
It seems the market thinks one of 2 things here given the upward creep of the SP, either this is going to happen or it will happen at a higher price. For me if this happens at 67.5p I will have wasted 6+ years of being in this share and should have just put the money in one of Terry Smiths funds instead of taking the risk of AIM...
yes… well done dee… i was intending to ask if anyone was in dialogue with the bod yet... and are the bod communicating directly with you... it is good to see that you have their attention… the thing is… did it come across like the bod will come around to secure a better offer for it’s shareholders... did secker go away with a clear instruction to inform ganfeng that it’s currently way too low and they need to think again… no doubt pi take up in the last cash raise gave them the impression and confidence they could snatch it from under your noses at this indicative price… anyway… if not… i have my agm voting papers now and was wondering if there is a savebcn pi tactical vote intended to send ganfeng that clear message directly… as with the primary bid offer… ganfeng are sure to use the agm results as a gauge of your powers to block or secure a better offer…
Very admirable work @ Dee, let's hope your efforts are rewarded. Thank you.
You have posted before about trying to contact the institutional shareholders; have you received any feedback from them so far ?
Great, well done for organising this Dee. Surprised Peter agreed to it but I guess he had to really when your essentially representing circa 5-6% of shareholders. I think there’s enough there to block the deal and just hope Robecco and Hanwa join pi’s. Suspect M&G will be aligned to the board.
I also made it clear, that it looks as though Bacanora got played.
And just because you got played, it doesn't mean you must continue to be played.
The past is the past, and we all make mistakes. It's what we do, and how we respond from here that counts.
I can't really say too much, but suffice to say, we now know how to fine-tune our campaign.
It was with M&A at Peel Hunt for regulatory purposes, and Peter Secker.
Main/Most points covered were:
1. Justify your valuation. I made clear our DCF model prices, as well as the variation to differing models. I don't see the NPV calculated in 2019 as a legitimate or relevant model to utilise in a takeover. But if that's the model, then there's a huge disparity between NPV0 at $3.4 Billion, NPV8 at $1.2 Billion and an offer at $267 Million with a net cash payment of $62 Million USD. (I kept having to correct myself by saying 'possible' offer, and I physically hyphened it at times!) He also countered that they have done analyses, which factor in various factors such as macro and political factors. I stated I looked forward to seeing them upon any formal offer.
2. We voiced displeasure at the current share price, the derisory offer, and the language/tone used in the RNS.
3. We explained how easy it was to unite so many shareholders. Nothing to do with me, but to do with the situation.
4. We stated our demands, which I will post in full, here.
5. How to move forward. How to work together.
6. Why we have so much unrealised leverage over Ganfeng. They have their off-take agreements, and the Lithium squeeze is coming. If they want this, they will want it now for the above reasons. Sonora is scalable to 100,000 Tonnes +
7. There's over $120 Million in cash on the books. This makes Ganfeng's net payment for the project circa $62 Million USD.
8. I mentioned a few conspiracy theories a few members of 'Think BIG' have been considering.
9. We made clear our opposition isn't to him personally, but the takeover itself.
10. LTH's who bought from IPO
A lot was more a case of voicing, as it wasn't possible for him to retort based on takeover deals.
Ganfeng's initial approach was made after the share placing in February (IMO), as I was told that they made an approach 'within the rules of the takeover code' - So that would assume it was first broached after February.
I made it clear, that Ganfeng are passing the buck on BCN, judging by their recent circular. They referred to it as a 'quotation provided by Bacanora' - That doesn't sound good.
A lot was us making our points, and probing to ascertain body language. There were only two moments body language changed - And that was enough for us.
It was a pleasant conversation, but I think we both knew what we wanted to get out of it. They wanted to temper our activities, we wanted to probe.
It was reported to the takeover panel, and I assume solely recorded for their benefit.
We've agreed to see what happens as things play out, and as much as this is a 'possible' offer - LTHs see this as an offer.
We agreed to reconvene after a formal offer, and perhaps with more shareholders involved.
All in all, I'm pleased with how it went
Also, I know he wouldnt discuss the takeover, but did he acknowledge the anger amongst LTH's ?
Dee - I have to ask, did you pick up on his body language etc ? Did he seem irritated, defensive, evasive, nervous ??